About the Author

Founder & author

Gavan started iCompareFX in 2014 after discovering the easiest way to wire money internationally was through a specialist provider and not the big banks. Working with global clients, he has become an expert in comparing money remittance companies. An ex-financial/IT nut turned entrepreneur, he reviews the best and cheapest providers available on the market.

Personal and business international money transfers

Currency hedging tools

Regular transfers for personal customers

Mass payments for business customers

Dedicated account managers

Payment options

Bank account transfers

Credit cards

Debit cards
 

Payout options

Bank accounts

Transfer options

Online

Over the phone
 

Regular transfers

Available

Send money from

AED, AUD, BHD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, KWD, MUR, MXN, NOK, NZD, PLN, QAR, SEK, SGD, THB, ZAR
 

Send money to

AED, AMD, AUD, BHD, BRL, BDT, CAD, CHF, CZK, CNY, DKK, EUR, FJD, GBP, GHS, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KWD, LKR, MAD, MKD, MUR, MYR, MXN, NGN, NOK, NPR, NZD, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, UGX, USD, VND, XCD, ZAR 


Personal Features

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RationalFX provides personal money transfer services for residents of most countries. However, it does not support transfers from the US yet.
 

What RationalFX offers

  • International money transfers.
  • Forex risk management tools.
  • Dedicated account managers.
  • Regular transfers.
  • Travel money.

 

International money transfers - Send money through Spot Contracts. These use existing RationalFX exchange rates.

Forex risk management tools - Use forward contracts, limit orders and stop loss orders to minimize your exposure to forex risk.

Dedicated account managers - Speak with your dedicated account manager regarding any question you might have related to international money transfers, and to initiate transfers over the phone.

Regular transfers - Use the RationalFX Regular Payments Plan to schedule transfers as per your needs.

Travel money - Residents of the UK can get travel money through RationalFX. Home delivery and collection are available. You pay no fees for orders that exceed £750.
 

What RationalFX doesn’t do

  • Cash pickup.
  • Mobile wallet top up.
  • Travel cards.
  • Digital wallets.

 

RationalFX score

The RationalFX score for its personal services can improve if the company starts providing travel cards, digital wallets and more payout methods.


Business Benefits

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Businesses from various countries may sign up to use the services of RationalFX.
 

What RationalFX for business offers

  • International money transfers.
  • Currency hedging tools.
  • Mass payments.
  • API platform integration.
  • Dedicated account managers.

 

International money transfers - Use Spot Contracts when you want to transfer funds quickly, and get RationalFX's existing exchange rates.

Currency hedging tools - Make the most of exchange rate fluctuations by using tools such as forward contracts, limit orders and stop loss orders.

Mass payments - Send payments to multiple beneficiaries easily at the same time.

API platform integration - Easy integration with the RationalFX API gives you the ability to automate all your international payments.

Dedicated account managers - Benefit through expert advice from your dedicated account manager regarding forex risks your business might face.
 

What RationalFX doesn’t do

  • FX-optimized travel cards.
  • Digital wallets.
  • Multi-currency accounts.
  • Integration with accounting software such as Xero, MYOB, or QuickBooks.
  • Solutions for online sellers.

 

RationalFX score

RationalFX can work on improving its score in this section by offering multi-currency accounts, digital wallets, travel cards, online seller solutions and integration with popular accounting software.


Fees & Exchange Rates

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RationalFX exchange rates

The RationalFX exchange rate you get includes the bulk of the fees. This is because RationalFX applies a margin/markup on existing mid-market exchange rates (called the exchange rate margin fee).
 

Are there additional RationalFX fees?

Yes, you might need to pay additional fees. This depends on where you live, the payment method and how you initiate the transfer.
 

RationalFX fees for UK customers

Setting up your transfer online - £4

Setting up your transfer over the phone - £0

Setting up transfers using the Regular Payment service  - £0
 

Debit/credit card payment fees from non-EU/EEA countries

Personal customers -  2.3% surcharge

Business customers - 2.5% surcharge
 

RationalFX score

The exchange rate margin that RationalFX applies and the transfer fee you might need to pay result in its lower than average score in this section.


Ease of Use

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What RationalFX does well

Signing up - You can create a new RationalFX account fairly easily.

Phone transfers - Carry out fee-free transfers over the phone.

Payment options - Make payments via bank transfers, debit cards or credit cards. However, card payments are accepted online, and not over the phone.

Transfer speed - RationalFX provides same and next working day transfers for all major currencies. Most other transfers process within 2 working days.
 

Where RationalFX could improve

Card payment limit - The maximum you can pay via a debit or credit card is £5,000, or its equivalent in another currency.

RationalFX app - There is no RationalFX money transfer app for mobile devices yet.

ID verification - While ID verification usually takes place within 24 hours, it can take up to 3 working days in some cases.
 

RationalFX score

One way to increase its score in this section is to launch apps for Android and Apple. Increasing card payment limits and speeding up ID verification for all customers would also help.


Support & Countries

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What RationalFX does well

Supported countries and currencies

RationalFX supports transfers to more than 170 countries, in the following currencies.

AED - United Arab Emirates DirhamIDR - Indonesian RupiahPHP - Philippine Peso
AMD - Armenian DramILS - Israeli New ShekelPKR - Pakistani Rupee
AUD - Australian DollarINR - Indian RupeePLN - Polish Zloty
BHD - Bahraini DinarJMD - Jamaican DollarQAR - Qatari Riyal
BRL - Brazilian RealJOD - Jordanian DinarRON - Romanian Leu
BDT - Bangladeshi TakaJPY - Japanese YenRUB - Russian Rouble
CAD - Canadian DollarKES - Kenyan ShillingSAR - Saudi Riyal
CHF - Swiss FrancKWD - Kuwaiti DinarSEK - Swedish Krona
CZK - Czech KorunaLKR - Sri Lankan RupeeSGD - Singapore Dollar
CNY - Chinese YuanMAD - Moroccan DirhamTHB - Thai Baht
DKK - Danish KroneMKD - Macedonian DenarTND - Tunisian Dinar
EUR - EuroMUR - Mauritian RupeeTRY - Turkish Lira
FJD - Fijian DollarMYR - Malaysian RinggitUGX - Ugandan Shilling
GBP - Pound SterlingMXN - Mexican PesoUSD - United States Dollar
GHS - Ghanaian CediNGN - Nigerian NairaVND - Vietnamese Dong
HKD - Hong Kong DollarNOK - Norwegian KroneXCD - East Caribbean Dollar
HRK - Croatian KunaNPR - Nepalese RupeeZAR - South African Rand
HUF - Hungarian ForintNZD - New Zealand Dollar 

 

Multilingual website

You may use the RationalFX website in English, French, German or Spanish.

Customer support

RationalFX provides customer support via email and over the phone. It provides local phone support in the UK, Germany, France and Spain.
 

Where RationalFX could improve

Transfers from the US - As of now, RationalFX does not support transfers from the United States.

Local settlement accounts - Increasing the number of local settlement accounts it has for receiving payments would help international customers save some money when they transfer funds to RationalFX.

Chat support - RationalFX does not provide support via live chat yet.
 

RationalFX score

Providing chat support, adding more local settlement accounts, and offering transfers from the US would help RationalFX increase its score in this section.


Trust & Transparency

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What RationalFX does well

Licensed - RationalFX is authorised and regulated by the UK Financial Conduct Authority (FCA).

Safety of funds - RationalFX uses a segregated bank account with Barclays Bank PLC. to hold client money.

Trustpilot - RationalFX gets a score of 9.4 out of 10 on Trustpilot, with over 1,200 reviews. It rates as Excellent.
 

Where RationalFX could improve

Transparency in RationalFX rates - The only way for customers to find out how much margin RationalFX applies on existing mid-market exchange rates is to carry out their own research.
 

RationalFX score

RationalFX can improve its score in this section by making its exchange rates transparent. In addition, while it rates as Excellent on Trustpilot, its score does leave some room for improvement.

FAQs

Summary

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You can sign up as a personal or business customer with RationalFX from most countries, with the United States being a significant exception. RationalFX transfers money to bank accounts, but it does not have an agent network for cash transfers. The RationalFX rates you get come with markups/margins.

Pros

  • International money transfers
  • Forward contracts, limit orders and stop loss orders
  • Regular transfers
  • Dedicated account managers
  • Travel money solutions for UK residents
  • Multilingual website
  • Regulated by FCA

Cons

  • Exchange rate margins
  • Can not send money from the US
  • No RationalFX app for Android or Apple
  • No cash transfers
  • No travel cards
  • No digital wallets
  • No multi-currency accounts